Slump warning
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Hard-pressed steel hauliers are bracing themselves for slump in European steel production if the US government lecides to impose tariffs on imported steel.
President Bush has ordered his trade officials to look at vays to prop up the ailing US steel industry—one of the neasures under consideration is the imposition of taxes on mported steel.
No decision will be taken for nine months but such a 'nave would be disastrous for the Anglo-Dutch producer Liorus which has already shut its Lianwern plant.
Although steel for the export market is primarily .riade in Holland, any reduction In production would hit the viability of the whole company. Corus's other plants in Rotherham, Stockbridge, Teesside and Scunthorpe would come under increased risk of closure and the knock-on effects for hauliers still working in the sector [could be devastating.